Wednesday, October 17, 2012
Posted by D. Daniel Sokol
Lawrence S. Liu, China Development Financial Holdings Corporation
asks All About Fair Trade? - Competition Law in Taiwan and East Asian Economic Development.
ABSTRACT: The proliferation of antitrust laws around the world in the last three decades demands a series of inquiries, including what exactly are the nature and goals of these young competition statutes? Reviewing Taiwan’s Fair Trade Law and the political economy informing its passage, this article reveals an infatuation, common in Asia, with 'fairness.' This article first traces traditional Chinese political thought about businesses and the offense of cornering public markets. It then summarizes post–World War II economic development and policies in Taiwan, including the relevancy of constitutional provisions and emergency economic legislation. It shows that Taiwan’s Fair Trade Law was enacted amid economic liberalization and political and social reforms. The article then addresses the aim of promoting consumer welfare and other nonefficiency goals, concluding that Taiwan’s experience, including how it has struggled to outgrow the fairness fever, has ramifications for other Asian economies following the development state model, including China.